Relay vs Novo: Which Business Checking Is Better?

Round by round

1. Round 1💵 Cash DepositsRelay wins
   Relay9/10

   90,000+ retailers

   Cash-load points, plus deposits at compatible Allpoint ATMs

   • Cash also deposits directly at compatible Allpoint ATMs
   • 55,000-ATM network for cash access, not just retailers

   Source: Relay deposit disclosures

   Novo1/10

   $0 — no cash deposits accepted

   • No cash deposits accepted, at any amount
   • Checking-only fintech with no cash workaround at all

   So this round goes to Relay.

2. Round 2🗂️ Account StructureRelay wins
   Relay9/10

   Up to 20 real accounts, 50 cards

   • Percentage auto-transfer rules across up to 20 accounts
   • Also issues up to 50 debit/credit cards across those accounts

   Novo5/10

   Envelopes only

   Reserves budget inside one account, not separately-numbered accounts

   • Simple enough for basic set-asides
   • Not real separate accounts or cards

   Source: Novo product disclosures

   This round goes to Relay, no contest.

3. Round 3📈 Interest on Idle MoneyRelay wins
   Relay7/10

   0.91%-2.68%

   Tiered savings APY, Starter to Scale plans

   • Savings tier available even on the free Starter plan (~0.91%)
   • Top rate needs a paid $90/mo plan

   Source: Relay pricing disclosures

   Novo1/10

   0%

   No interest paid on checking or Reserves

   • Idle balances earn nothing at any size
   • Reserves are for budgeting, not earning

   Source: Novo product disclosures

   So this round goes to Relay.

4. Round 4🛒 E-Commerce & Payment IntegrationsNovo wins
   Relay5/10

   No direct Stripe/Shopify sync

   Strong accounting sync, but not built around storefront payout automation

   • Strong QuickBooks and Xero accounting sync
   • No direct Shopify or Stripe payout sync built in

   Source: Relay product disclosures

   Novo9/10

   Direct Stripe, Shopify, Square, Wave sync

   • Novo Invoices plus a perks marketplace of software discounts
   • Payouts and transactions sync automatically into your banking

   Round to Novo on that. Direct integration beats manual syncing every time.

5. Round 5🏧 ATM AccessNovo wins
   Relay6/10

   55,000+ ATMs

   Fee-free in-network Allpoint ATM access

   • Zero-fee in-network withdrawals, no monthly cap
   • No refund for out-of-network machines

   Source: Relay ATM disclosures

   Novo8/10

   ~$7/mo refund

   Refunds out-of-network ATM fees worldwide, domestic and international

   • Works at literally any ATM, anywhere
   • Refunds apply domestically and internationally, up to ~$7/month

   Source: Novo ATM disclosures

   So this round goes to Novo for flexibility and worldwide fee refunds.

6. Round 6🛡️ FDIC Coverage & Growth RoomRelay wins
   Relay8/10

   $3,000,000

   FDIC coverage via Thread Bank deposit sweep, plus periodic signup bonuses

   • 12x the standard $250,000 FDIC limit
   • Runs occasional signup bonuses, ~$50 open + ~$50 referral

   Source: Relay and Thread Bank FDIC disclosures

   Novo5/10

   $250,000

   Standard FDIC coverage through Middlesex Federal Savings, no multi-bank sweep

   • Plenty for a lean, always-small operation
   • No signup bonus, and no headroom above $250K

   Source: Novo FDIC disclosures

   This round goes to Relay.

Which one is for you?

Side by side

Top ratedRelay

Check price

Novo

Overall score

6.9

Best

5.6

Price

See price

See price

Signup Bonus

3.7

2.3

Cash Deposits

7.6

1.0

Head-to-head findings

Signup Bonus

~$50 base + referrals

No standing cash bonus

Cash Deposits

90,000+ retailers / Allpoint ATMs

$0 — no cash deposits accepted

Record

Head-to-head record

7–1–1

2–7

Head-to-heads won

88 %

22 %

Rounds won

59 %

46 %

Pros

• Up to 20 checking accounts, 50 cards
• Official Profit First Professionals platform
• Included free on Starter plan
• Accepts cash — rare among fintechs

• No fee, no minimum, nothing to track
• Unlimited transactions, no per-item fees
• Payouts sync automatically into your books
• Novo Invoices included for client billing

Cons

• No teller window; retailer middleman
• Best rates locked behind paid tiers
• No branches — online-only
• Toronto-based; sponsor-bank migration in 2023

• No branch, no cash-load partner, no workaround
• Would need a second account for cash-handling businesses
• No branches or in-person support
• No built-in card acceptance

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